Petroleum Minister Murli Deora on Monday ruled out any rollback in the increased prices of petroleum products, saying the hike has been reasonable and minimum. "The hike is reasonable and minimum ...," Deora told reporters here.
The Trinamool Congress and the Communist Party of India (M) on Thursday opposed the proposed increase in the prices of LPG and other petroleum products recommended by an expert panel headed by former Planning Commission member Kirti Parikh, saying a new burden of raised prices would hit the common people hard.
What's cheaper, what's costlier after the Budget
Fuel sales rose to 12.364 million tonnes in May from 11.717 million tonnes a year ago, according to provisional data from the oil ministry in New Delhi.
The room for political manoeuvre to raise petroleum prices is the highest at this point in time, says Business Standard.
Total, which had a few weeks back exited Royal Dutch Shell-led Hazira LNG import terminal in Gujarat, will join Adani in developing a 5 million tonnes a year import facility at Dhamra in Odisha. The two will also set up a joint venture to roll out a fuel retail network of 1,500 outlets, mostly on highways, in the next 10 years, Adani and Total said in a joint statement.
What are the implications of the new players coming into the retail segment on existing companies like BPCL, HPCL and IOC? \n\n\n\n
A tough initial lockdown was imposed beginning March 25 but dreams of a V-shaped recovery after it was eased in May have been obliterated by a surge in cases and new lockdowns.
International crude oil prices crossed the $60 a barrel mark yesterday--up from a record low of $32.40 in December last year--on the back of improved sentiment over the economic recovery, especially in China and Europe.
Free provision of food, cash transfers, and jobs in villages see enhanced flow of funds despite a precipitous fall in revenue. Till May, defence spend was nearly 30 per cent less than the previous year.
The Cabinet Committee on Economic Affairs at its meeting this morning approved the project, official sources said.
Narendra Modi's landslide victory gives him the mandate to deregulate diesel prices as well as raise natural gas rates with a clear road map towards free pricing to cut subsidies and shrink the budget deficit.
The oil cartel's decision to maintain the production ceiling at its 2016 level, despite the recovery of the world economy, will ensure shortfalls in supply and high oil prices in the foreseeable future, warns Ambassador D P Srivastava.
Sharp reactions met the government's decision to enforce the single-steepest hike in fuel prices on Wednesday, and it came under attack from its allies as well as opposition parties.
The pacts signed after Modi-Hasina talks provided for deeper cooperation between the two countries in areas of water resources, youth affairs, culture, education and coastal surveillance.
The oil ministry is in fact of the view that the government should bear the entire burden of the revenue losses incurred by the oil marketing companies, after the increase in prices is effected.
Oil companies have welcomed the hike in petrol and diesel as it will help them cut losses on sale of fuel.
A realistic approach towards tax and stock taking is necessary, rather than the old narrative of bringing all petroleum products under GST and playing the blame-the-state game.
Around 700 migrant workers, women and children have lost their lives in this reverse migration. But what is happening today with the migrant labour is only a continuation of the policies pursued by the Modi regime during the last six years. It is not for nothing that India was ranked the most dangerous country in the world for women in 2018 by the Thompson Reuters Foundation poll, points out Rashme Sehgal.
The average price of Indian basket of crude oil during 2007-08 (upto August) has increased to $68.34 per barrel as compared to 62.46 dollars a barrel during 2006-07.
Government will hold consultations with leaders of the left parties, allies of the ruling United Progressive Alliance, on the issue of petroleum product prices even as Petroleum minister Murli Deora disfavoured increasing LPG and kerosene prices.
The Group of Ministers are scheduled to meet this month to decide upon the issue of petro price system.
ONGC and Oil India might be hit because of this additional burden which they might have to take because of crude going to $100 per barrel.
Dharmendra Pradhan lays bare the next course of action for his ministry and says RIL will have to pay the same price at which it produced the volumes.
BJP would observe the next 10 days -- from Sunday to September 17, the birthday of the PM -- as 'seva parva'.
State-run Indian Oil Corporation on Wednesday it was incurring a loss of Rs 50 crore (Rs 500 million) per day on sale of all fuel products but petrol.
Every dollar increase in crude oil price will add Rs 4,000 crore to the overall underrecovery.
L N Mittal's foray into oil and gas trading business through a joint venture with ONGC is facing fresh opposition from refiner Indian Oil Corp, which feels the JV is ineligible to bid for its tenders.
Rural inflation running higher than urban: HSBC
Public sector oil companies lost Rs 9800 crore (Rs 98 billion) in the first six months of 2004-05 fiscal for selling petroleum products below the import cost, Petroleum Minister Mani Shankar Aiyar said on Tuesday.
As Prime Minister Narendra Modi is set to deliver his third Independence Day speech on August 15, he is inviting ideas from citizens on issues he should speak on
State-run Bharat Petroleum Corp Ltd on Wednesday said it has tied up with Hindustan Lever Ltd and three other kitchenware brands for selling grocery items to its LPG customers through its distributor network.\n\n\n\n
"From now onwards, women will not have to change their names in the passport after their marriage," Modi told a gathering of the Indian Merchants Chambers' ladies wing over a video conferencing. The government wants the woman of the house to be the priority in all of its development schemes, he added.
RIL and BP completed the initial exploratory work on the 21 blocks, but decided to retain only four of them.
Maruti Ciaz and Ertiga are exempt from the infrastructure cess and so, there is no change in the prices of these models.
Amidst criticism on increasing prices of petroleum products, Prime Minister Manmohan Singh on Saturday got support from his wife Gursharan Kaur on the issue who asked people to make a 'sacrifice.'
The strike by workers of state-owned oil firms Hindustan Petroleum Corp and Bharat Petroleum Corp to oppose privatisation of the cash-rich refiners entered the second day on Wednesday but operations and petroleum product supplies remained unaffected.
Modi made a strong case for a partnership between the producers and consumers in the oil market as it exists in other markets.
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